February 8, 2012 / 2:12 PM / 6 years ago

UPDATE 2-Theratechnologies reports loss amid restructuring

* Revenue C$14.9 mln vs C$31.9 mln (Adds quote, bullets, background)

TORONTO, Feb 8 (Reuters) - Canadian drugmaker Theratechnologies Inc reported a loss for the fiscal year on Wednesday, and said its recent restructuring had not yet been reflected in results.

In December, the Montreal-based company cancelled the development of its drug to treat muscle wasting related to chronic obstructive pulmonary disease, and said it would cut 60 percent of its work force.

On Wednesday’s conference call, the company said the move would yield cost savings in future years.

“As you all know, 2011 was a challenging year for the industry, and a year of change and transformation for Theratechnologies,” said Chief Executive John-Michel Huss.

For the fiscal year ended Nov. 30, net loss was C$17.7 million ($17.8 million), or 29 Canadian cents a share, compared with a net profit of C$8.9 million, or 15 Canadian cents a share, in the previous year. The company said it C$37 million in cash on hand.

The previous year’s profit was mainly due to a C$25.0 million payment associated with the approval of Egrifta, an injectable drug to reduce abdominal fat in HIV patients.

Revenue at the Montreal-based company fell to C$14.9 million from C$31.9 million last year.

Theratechnologies stock was down 13 Canadian cents at C$2.49 soon after the Toronto market opened.

$1 = $0.99 Canadian Reporting By Allison Martell

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